FOREIGN EXCHANGES

Otago Daily Times, Issue 21987, 23 June 1933, Page 6

FOREIGN EXCHANGES

(British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.)

PRICE OF FINE GOLD (United Press Association.} , (By Electric Telegraph—Copyright.) LONDON, June 21. Fine gold is quoted at £6 2s 2d per ounce. SINGAPORE HUME PIPE Some increase in net profits is shown in the accounts of Singapore Hume Pipe Company, Ltd., for the year ended March 31, and the company has reduced the rate of dividend to 6 per cent., compared with 10 per cent, paid in the previous year. The dividend last year, however, was paid partly out of profits for 1931. The accounts for the year do not include profits from the operations of the steel pipe factory for the half-year ended March 31, when the factory was engaged on an important £68.000 contract for the Public Works Department at Johore. The factory is working to capacity. The accounts show a reduction of about £3160 in reserves for contingencies. Increased activity in steel pipe business is indicated by a reduction of £14,674 in cash items, accompanied by a rise of £10,028 in the value of the company’s interest in Hume Steel, Ltd. AUSTRALIAN WHISKY A DISTILLERIES’ MERGER. An interesting announcement (says the Melbourne Age of a recent date) may be expected by the end of the month in regard to the Australian distilling industry. About two years ago a Scottish firm Distillers’ Company, Ltd., of Edinburghobtained a controlling interest- in the Australian industry. It is known that negotiations for extending the Scottish company’s interests were conducted by a representative of the overseas company, who recently left Melbourne on his return trip to Edinburgh. In July, 1930, it was announced by Australian Distillery Company, Ltd., Brinds,. Ltd., and Breheuy Bros., and Henna’s Brewery, Ltd., holding companies, that negotiations had been completed for the merger of the operating company, Federad Distilleries Pty., Ltd., with the Distillers’ Corporation Pty., Ltd., of Geelong. The Federal company had a paid-up capital of £565,000. Hie Distillers’ Company, Ltd., of Edinburgh, had arranged to subscribe for 185,000 ordinary shares of £1 each at par, making the total paid-up capital £750,000. The company had also agreed to purchase a number of ordinary shares of £1 each at par from the shareholders of the Federal Company. The next step in connection with the merger was the registration on October 22, 1930, of the United Distillery Pty., Ltd., with a nominal capital of £1,500,000, in £1 shares, of which 1,050,000 were issued in exchange for 750,000 shares of £1 each in Federal Distilleries Pty., Ltd., which controlled a popular brand of locallyproduced whisky, and 300,000 shares of £1 each in the Distillers’ Corporation Pty,. Ltd., whose distillery is at Com, Geelong. The company was formed to manage and direct- the policy of the Federal and Corio Companies, whose interests were solely engaged in the Australian trade. ______ TRADE RECOVERING POSITION IN UNITED STATES. A broadening industrial expansion in the United States, with output in many lines surpassing the same period of a year ago, was the outstanding feature ot the month of May, states the Bank of Montreal. A sharp advance in prices, accompanied by rising demand, is partly ascribed to a somewhat better than seasonal inquiry for certain commodities, although the spur given to public interest by the recent legislative powers permitting inflationary'steps was probably the greatest factor. There is a better dcmand for labour, and, while it is difficult yet to see any substantial improvement, sentiment hag become more cheerful. _ In the commodity markets nearly all prices have moved higher, led by wheat and cotton. Wheat reached over 70 cents a bushel, against a low point of under 50 cents earlier in the year, following official announcement that the winter wheat crop, estimated at 66.7 per cent, of normal, is the smallest since 1904, Continued recovery is reported by the steel industry, with a gain in production approaching 40 per cent, of capacity compared with a low point of 15 per cent, earlier in the year. Unfilled orders on the books of the Steel Corporation for the first time in many months show a substantial increase. The demand for automobiles has been the most encouraging in several years. Important progress was made in the securities markets, new high levels for the year being reported in many issues. Gradual adjustment in the banking situation is taking place, witb deposits showing a tendency to increase.

RUGBY. June 21. (Received June 22, at 5.5 p.m.) Paris— Par. June 20. Juno 21. Francs to £ 1 .. 124.21 80% 86% Brussels— 24.31} Bcigas to £ 1 ,. 35 . 24.32 Oslo— 10.80 Kroner to £ X .. 18.189 19.80 Stockholm— 19.42} Kroner to £1 .. 18.150 19.43} Copenhagen— 22.42} Kroner to £1 .. 18.150 22.42} Berlin— 14.30} Marks to £ 1 .. 20.43 14.30} Montreal— 4.625 Dollars to £1 .. 4.80 2-3 4.634 New York— 4.16} Dollars to £1 .. 4.86 2■3 4.19 Yokohama— 3-32 15 1-16 Pence to yen 24.582 Hongkong— 17 Pence to dollars 24.58 16 1-10 Bombay— 13 5-64 Pence to rupee — 18 -5-64 Batavia— Florins to £1 12.10 ' — Milan— 645 Lire to £1 .. 82.46 64% Amsterdam— 8.46 Guilder to £1 12.107 8.46 Prague— 114 Kroner to £ 1 .. 104} 120} Geneva— 17.61} Francs to £1 25.22} 17.61 Vienna — 31} Schillings to £1 84.86} 81} Helsingfors— 226} Marks to £ 1 .. 193.23 — Madrid— 40 1-16 Pesetas to £1 25.23} 40 3-82 Belgrade— 250 Dinars to £ 1 .. 25.22} 250 Athens— Drachma to £1 3T5 590 590 Lisbon — Escudos to £1 110 no UO Bucharest — Del to £ 1 .. 931.6 570 672} Rio de Janeiro — Pence to mllrels 5.880 4} 4% Buenos Aires— Pence to pesos 47.28 413 412 Shanghai— Pence to tael .. — 15% 15 5-16 Montevideo— Pence to pesos — 34 34 Warsaw — Zlotys to £1 .. — — —